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Regulatory Notice 16-40

SEC Approves FINRA ‘‘Pay-To-Play’’ and Related Rules

Effective Date: August 20, 2017

Executive Summary

The Securities and Exchange Commission (SEC) approved FINRA Rules 2030 (Engaging in Distribution and Solicitation Activities with Government Entities) and 4580 (Books and Records Requirements for Government Distribution and Solicitation Activities) to establish “pay-to-play” and related rules regulating the activities of member firms that engage in distribution or solicitation activities for compensation with government entities on behalf of investment advisers.